I remember trying to set one up before and one of the issues I had was trying to limit the number of inbound connections.
edit: by connections, I am referring to the number of peers connected at one time
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monerod currently can only be set to limit outgoing connections with the parameter
--out-peers where the default is 8.
So if you setup your node to be reachable for the public, you can't limit incoming connections. However, you could use a firewall like iptables to limit incoming connections on your public port.